The Cincinnati Reds have to maintain a low payroll, while finishing off the rebuild. This takes preparation and action. The Reds have completed the preparation, but not the action.
The Reds have already signed reliever Jared Hughes to a two year deal. He came over from the Milwaukee Brewers. His signing allows the Reds to take a long look at Michael Lorenzen in the starting rotation.
They had also been in discussions with free agent Craig Stammen. Stammen is more of a low leverage reliever than Hughes. That signing would have just allowed some young pitchers more time to develop in the minors, but Stammen returned to the San Diego Padres.